首页
登录
职称英语
One lesson of the financial crisis is this: when the entire financial system
One lesson of the financial crisis is this: when the entire financial system
游客
2023-08-29
37
管理
问题
One lesson of the financial crisis is this: when the entire financial system succumbs (屈服)to panic, only the government is powerful enough to prevent a complete collapse. Panics signify the triumph of fear. Troubled Assets Relieve Program (TARP)was part of the process by which fear was overcome. It wasn’t the only part, but it was an essential part. Without TARP, we’d be worse off today. No one can say whether unemployment would be 11% or 14%; it certainly wouldn’t be 8.9 percent.
That benefited all Americans. TARP, says Douglas Elliott of the Brookings Institution, "is the best large federal program to be despised by the public." The source of outrage is no secret. Bankers are blamed for the crisis and reviled. The bank bailout—TARP’s first and most important purpose—was unpopular. Most Americans, says Elliott, "believe that taxpayers spent $ 700 billion and got nothing in return. "
What this ignores is that an alternative being promoted at the time was widespread nationalization of banks. The cost would have been many times higher; the practical problems would have been enormous. As it was, TARP invested $245 billion in banks. The extra capital helped restore trust. Meanwhile, the Federal Reserve increased its lending; the Federal Deposit Insurance Corp. guaranteed $ 350 billion of bank borrowings. Banks resumed dealing with each other because they regained confidence that commitments would be honored. Of the $ 245 billion invested in banks, the Treasury has already recovered about $ 244 billion, including interest payments, dividends (红利), and cash from sold bank stock warrants. So the bank rescue has roughly broken even. When TARP’s remaining bank investments are closed, the Treasury expects an overall profit of about $ 20 billion.
Almost all of TARP’s activities have been distasteful. This was surely true of the rescue of General Motors and Chrysler. But the automakers’ collapse would clearly have worsened already gloomy unemployment. Did we really want these companies to shut down, with some plants sold to foreign automakers? We need to remember that TARP was a desperate program for desperate times. But some criticisms are broad generalities that, on inspection, are highly suspect. One common assertion is that TARP will encourage more reckless risk-taking because big financial firms know they’ll be bailed out if their gambles backfire. Bankers keep profits but are protected against losses, which are assumed by the public.
This is a serious issue, but TARP’s legacy is actually the opposite. During the crisis, investors in banks and financial institutions suffered huge losses. It wasn’t predictable which institutions would survive and which wouldn’t—or on what terms. The same would be true in the future. Indeed, TARP’s extreme unpopularity compounds uncertainty, because it suggests that politicians will recoil (退缩)from more bailouts. The moral hazard is more imagined than real. [br] What do we learn about TARP from the first paragraph?
选项
A、It played an important role in combating fear in the financial crisis.
B、It was considered as the last resort used by the federal government.
C、It made more people lose their jobs and more firms go bankrupt.
D、It caused great panic and confusion among US citizens.
答案
A
解析
事实细节题。第一段提出问题资产纾困计划的重要作用:它是战胜恐惧过程的一部分。它不是唯一的部分,但是必不可少的部分。由此可见,问题资产纾困计划在抗击金融危机的恐惧中扮演重要的角色,因此答案为A)。
转载请注明原文地址:https://tihaiku.com/zcyy/2966717.html
相关试题推荐
Hisignoranceofthecompany’sfinancialsituation_________________________(导致
Humanity’sprimal(原始的)effortstosystematizetheconceptsofsize,shapes,
[originaltext]Someofthemostpracticallessonscomingoutofresearchin
[originaltext]Someofthemostpracticallessonscomingoutofresearchin
TheUnitedStatescourtsystem,aspartofthefederalsystemofgovernment,
TheUnitedStatescourtsystem,aspartofthefederalsystemofgovernment,
TheUnitedStatescourtsystem,aspartofthefederalsystemofgovernment,
TheUnitedStatescourtsystem,aspartofthefederalsystemofgovernment,
TheUnitedStatescourtsystem,aspartofthefederalsystemofgovernment,
_________________(为了最大限度减少盗窃案发生的可能性),installagoodalarmsystem.Tominimizeth
随机试题
Punctuality(准时)meansobservingregularorappointedtime.Amanwhogetsu
Oneofthesimplestandbestknownkindsofcrystalistheionicsalt,ofwh
[originaltext]Inthecaseofmobilephones,changeiseverything.Recentre
中央银行是一国最高的货币金融管理机构,在各国金融体系中居于主导地位,发挥着(
下列何经绕阴部A.足太阴脾经 B.足阳明胃经 C.足厥阴肝经 D.足少阳胆
治疗风温初期,津伤不甚之咳嗽宜选用A.桑杏汤B.桑菊饮C.清燥救肺汤D.杏苏散E
患者女性,30岁,用链霉素治疗Gˉ杆菌引起的泌尿系感染3天,疗效不佳。该拟新用药
在某温度时,下列溶液体系中属缓冲溶液的是: A.0.100mol/dm3的N
某企业每隔一个固定间隔周期去订货,订货量由当时库存情况确定,以达到目标库存量为限
关于工程监理的说法,正确的有()。A.监理单位与建设单位之间是法定代理关系 B
最新回复
(
0
)